I took the full list of Brand Keys 2011 Engagement Award ranks and correlated them again sales gains. What a surprise! A correlation of 0.4 but it’s round the other way…..
i.e. the better the Band Keys rank the less the sales gain !
Brand Keys, who sell these surveys, claim that these award scores will predict a brand’s future. Seems like you’ve absolutely got to know which numbers to use and which to ignore, which can only be done after the event. That’s not prediction, it’s weaving a story afterwards (to sell a product).
Pearson’s correlation 0.39 (or 0.11 for just the 5 top ranked brands)
Brand Keys Loyalty Awards 2011 – http://brandkeys.com/wp-content/uploads/2012/01/Brand-Keys-Customer-Loyalty-Engagement-Index-2011.pdf
Business Week Car Sales – http://online.wsj.com/mdc/public/page/2_3022-autosales.html
Professor Byron Sharp
PS it isn’t quite technically correct to use Pearson’s correlation for a continuous variable against a rank order variable, but in this case converting both to ranks and using a Spearman’s correlation produces essentially the same result.